Lionel Messi Plugs Second Crypto Project but What Happened to the First?

Key Takeaways

• Lionel Messi published an Instagram story to promote a Solana-based token, $TIME.
• The token’s price immediately surged after the post but then plunged without signs of recovery ahead.
• However, it’s not the first time Messi – and other footballers – endorsed a crypto project.

Football superstar Lionel Messi has once again graced the cryptocurrency market, this time boosting the Solana-based token $TIME. However, the token’s subsequent decline raises questions about the sustainability of such celebrity-driven hype.

From Messi’s earlier venture with $WATER to the high-profile deals involving Cristiano Ronaldo and Neymar Júnior, the intersection of sports and crypto proves lucrative. However, the market’s volatility and potential for scams highlight the risks for both investors and celebrities.

Lione Messi Endorses $TIME

Messi endorsed a new cryptocurrency, $TIME , via his Instagram stories. The Solana-based token made its public market debut on July 24, 2024.

As of July 29, 2024, the price of TIME stood at $0.000036, with a 24-hour trading volume of $6,106,824. Despite a 1.6% decrease in value over the past 24 hours, the token has garnered significant attention thanks to the soccer superstar’s endorsement.

According to CoinMarketCap , TIME was ranked 2,617 at the time of writing. Although its live market cap and circulating supply are not yet available, the maximum supply of $TIME is capped at 699,999,998,595.

https://twitter.com/Vybss_nexus/status/1817538533231358249

TIME’s value surged to an all-time high of $0.00007954 on Saturday, July 27, 2024, following the endorsement from the Inter Miami star. However, the price spike was short-lived, and the token’s value began declining soon after, trending downward.

The impact of Messi’s endorsement highlights the significant influence celebrities can have on the cryptocurrency market. However, the volatility that followed underscores the unpredictable nature of such investments. As TIME navigates the market, investors will watch closely to see if it can regain momentum or stabilize after the initial surge and decline.

What Happened To $WATER

This isn’t the first time Messi has endorsed a new cryptocurrency through his Instagram stories. On July 9, 2024, the World Cup winner promoted another Solana-based memecoin called Watercoin .

Messi’s involvement sparked speculation among traders eager to see if the memecoin would defy the odds or follow the path of many other celebrity-backed ventures. With his massive global following, Watercoin quickly garnered attention.

Following Messi’s Instagram post, WATER’s value surged over 55%, though it later lost half of those gains, according to CoinGecko. So far, there has been no confirmation from Messi or his team, leading the crypto community to wonder whether this is a legitimate endorsement or another scam.

Since Messi’s endorsement, $WATER has plunged by over 90%, with its price at $0.0001364 as of July 29, 2024. Technical analysis shows no bullish signs on the horizon, suggesting the token could struggle to recover from its steep decline.

Other Footballers Involved In Crypto Ads

Lionel Messi is in good company when it comes to football stars involved in crypto endorsements . Among them is Cristiano Ronaldo, who, in 2022, signed a multi-year deal to promote non-fungible tokens (NFTs) and receive part of his compensation in cryptocurrency. This collaboration aimed to leverage Ronaldo’s immense influence to promote Binance’s services and legitimize cryptocurrency as a mainstream investment option. However, the partnership ended abruptly, resulting in a $1 billion lawsuit following a decline in overall interest in NFTs.

New Real Madrid striker Kylian Mbappé invested in Sorare, a player-owned fantasy sports game that utilizes NFTs. Mbappé partnered with Sorare to promote the platform and potentially receive compensation in cryptocurrency.

Brazilian soccer star Neymar has also dipped his toes in the crypto space. In 2022, Neymar acquired two artworks from the Bored Ape Yacht Club (BAYC) collection via the OpenSea platform. The purchases made in Ethereum totaled 159.99 ETH for one illustration and 189.69 ETH for the other, equating to approximately $521,000 and $624,000, respectively. Neymar disclosed on Instagram that he co-invested with former PSG teammates Leandro Paredes and Marco Verratti, although they have not shared their acquisitions on social media.

Lastly, Kieran Gibbs, a former Arsenal defender now playing for Inter Miami, has made headlines by receiving part of his salary in Bitcoin. This bold move reflects his belief in the future of cryptocurrency.